Banks take on financial crimes
The Bankers Association of Namibia (BAN) has welcomed progress in tackling financial crime, noting that the country's banks are stepping up their anti-fraud measures.
In a statement, the association highlighted recent successes by the Financial Intelligence Centre (FIC), which it said have led to tangible progress. The organization added that these achievements were made possible by industry-wide cooperation between government agencies and commercial banks.
According to the statement, the FIC froze N$96.6 million linked to suspected illegal activities during the previous financial year. The agency also supported law enforcement agencies in 148 criminal cases.
"This shows that information generated within the financial system is increasingly leading to law enforcement actions," the association said.
BAN CEO Dantagos Jimmysaid member banks are supporting a tough stance against crime through transaction monitoring systems, customer risk profiling, and internal compliance frameworks.
As an industry representative, the association works closely with both the Bank of Namibia and the FIC through joint working groups, sector guidelines, and information-sharing initiatives to improve consistency across the banking sector.
"Our members play a key role in detecting illegal financial flows related to fraud, money laundering, and other economic crimes," Jimmy said. "Banks rely on technology to make life easier for customers and provide greater security, while at the same time ensuring they meet regulatory requirements and continue to detect suspected financial crime."
With the help of improved digital systems, banks have been able to identify unusual or suspicious activities and submit suspicious activity reports to the FIC. Jimmy described these reports as a "critical information chain" underpinning many investigations and asset freezes.
Jimmy added that improved systems across the entire financial ecosystem are supporting enhanced supervisory activities as the country intensifies its campaign against money laundering and other economic crimes.
In addition to strengthening their anti-money laundering frameworks over the past year, Namibian banks have introduced stricter customer due diligence, tighter audit controls, and expanded staff training.
However, financial institutions must now prepare for a more complex risk environment. According to the association, emerging threats include cybercrime, the use of money mule accounts, complex cross-border money flows, and new risks linked to digital financial platforms and financial technology (fintech) systems.
"These trends are shaping our priorities, and we expect our members to continue investing in technology, strengthening their compliance frameworks, and deepening their cooperation with regulators and law enforcement agencies," Jimmy said.
